Novo Nordisk Freezes Hiring Amid Cost-Cutting Drive

(RTTNews) - Novo Nordisk A/S (NVO), Wednesday announced that it has imposed a global hiring freeze as part of efforts to rein in costs and strengthen its position in the fast-growing weight-loss drug market.

The pause applies across all markets and departments, except for business-critical roles, a company spokeswoman said Wednesday.

The move comes as Novo battles Eli Lilly & Co., whose weight-loss treatments are on track to dominate the $100 billion global obesity market by 2030. The drugmaker's workforce has surged to over 78,000 in recent years to expand production of Wegovy and Ozempic. Currently, about 400 job openings remain posted, mainly in China and the U.S.

NVO is currently trading at $54.29 down $0.49 or 0.89 percent on the Nasdaq.